Acron Group, Moscow, swung to an IFRS net profit of RUB50.93 billion ($688 million) for the nine months to Sept. 30, 2021, against a year-ago net loss of RUB4.16 billion.
EBITDA increased 2.9-fold year-over-year to RUB69.19 billion, up from RUB24.12 billion. In U.S. dollar equivalent, EBITDA increased 2.7-fold to $935 million, from $341 million the previous year.
Nine-month revenue grew 59 percent to RUB137.2 billion, up from RUB86.09 billion. In U.S. dollar equivalent, revenue increased 52 percent, to $1.85 billion from the year-ago $1.22 billion.
Acron Group cited a 4 percent increase in sales volumes and higher selling prices during the current reporting period as one of several factors driving the revenue growth.
Nine-month sale volumes of key products were up 4 percent, to 6.188 million mt. Output of key products in the nine-months increased 6 percent year-over-year, to 6.315 million mt, while fertilizer output grew to 5.02 million mt, up from the year-ago 4.88 million mt (GM Oct. 22, p. 26).
The group made a net exchange profit of RUB1.99 billion from revaluation of assets, loans, and liabilities in the reporting period, against a loss of RUB15.76 billion a year ago. Financial derivatives generated a gain of RUB4.92 billion compared with a loss of RUB2.55 billion in the prior-year reporting period.
Net debt was down 26 percent to RUB74.022 billion as of Sept. 30, 2021, against RUB99.579 billion as of Dec. 31, 2019. In U.S. dollar equivalent, net debt was down 25 percent to $1.017 billion from $1.348 billion at the end of 2020.
Acron Chairman Alexander Popov said the group is taking advantage of the lower debt burden to gradually accelerate capital expenditures (see Projects Story in this issue).
The group’s Board has recommended the payment of dividends of RUB720 per share, which were up for approval by shareholders as an absentee vote at the EGM to be held Dec. 3.